SpaceX (SPCX US) reported a strong Q2 earnings beat, with revenue up 92% year over year, but capital expenditure concerns tied to orbital AI compute infrastructure weighed on investor sentiment. EquiLend data captured the securities lending market’s immediate response: utilization remains above 90%, as only 3.4 million net shares were returned. Intraday flow showed 34% of existing borrows being rerated, while 6 million shares were recalled in activity that appears rate driven. New borrow costs have exceeded 600 bps, reflecting aggressive repricing across the loan book.

As with many recent IPOs, market attention is now focused on Aug. 6th, when insiders are eligible to sell shares as lockup restrictions expire. The anticipated increase in lendable inventory could provide relief to the accelerating borrow cost environment, while EquiLend data will help show whether short sellers remain committed to thesis or begin to exit the trade.